IndiaFirst Life Insurance launches ‘IndiaFirst LifeGuaranteed Benefit Plan’
IndiaFirst Life Insurance launches ‘IndiaFirst LifeGuaranteed Benefit Plan’
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Mumbai, 17 June2020:IndiaFirst
Life Insurance, a joint venture of Bank of Baroda and Union Bank of
India,has launched IndiaFirst Life Guaranteed Benefit Plan– anon-linked,
non-participating, limited premium, endowment life insurance plan.
Commenting on the launchof the plan, Mr.Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance Company Limited
said,“At IndiaFirst Life we help you secure the favourable certainties
in your life. IndiaFirst Life Guaranteed Benefit Plan backs your dreams
with the comfort of guaranteed benefits, giving you the freedom to write
your own future. Be it regular monthly cash flow or need for an annual
or one-time requirement of funds – thisplan comes with multitude of
benefits. IndiaFirst Life Guaranteed Benefit Plan can be modified to
suit the needs of the customer whilst also securing them with a life
cover. Itis acustomised,one-stop insurance solution to help
individualsachieve theirfinancial goals towards a more fulfilled
life.IndiaFirst Life Guaranteed Benefit Plan guarantees paybacks, which
secures your tomorrow with the investments you make today.”
Mr. Purshotam, CGM (Designate) – RetailLiabilities, Wealth Management, De-mat & NRI Business, Bank of Barodasaid, “To
cater to the specific needs of our ever-increasing customer base, we
are proud to add the ‘IndiaFirst Life Guaranteed Benefit Plan’ to our
bouquet of insurance offerings. Through this product from IndiaFirst
Life Insurance, where Bank of Baroda has a 44% stake, we wish to further
strengthen our ties with our customers with this plan, which offers
guaranteed asset creation, secures the aspirations of loved ones,
guarantees fulfilment of life’s milestones, and safeguards financial
freedom after retirement.”
IndiaFirst
Life Guaranteed Benefit Plan offersdual benefit of guaranteed savings
and protection in a single policy with a shorter pay commitment of 5, 6
or 7 years. Depending on the need of the individuals, the policy has
something to offer for everyone. For supplementary future income
requirement, the individuals can opt for Income Benefit option. If the
individual wishes to accrue savings for specific goals, Lumpsum Option
can be opted. And, the Life Cover Continuance offers protection to
families via continued life cover even when a premium is missed. The
policyholder also has an option to add waiver of premium rider that will
ensure continuity of the policy benefits in case of unfortunate events
with a death benefit that can be taken as a one-time payment or in
instalments over a period of 5, 10 or 15 years.
The
individuals may also avail tax benefits, on the premiums paid and
benefits received, as per prevailing Income Tax Laws.The policyis also
equipped to take care of the liquidity needs through its loan facility.
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